Chicago, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The global 5G Services Market size to grow from USD 107.0 billion in 2022 to USD 331.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period, according to a new report by MarketsandMarkets™. Due to high availability of 5G compatible devices and high investments of governments in 5G services, the 5G ecosystem is expected to witness a faster growth rate than other connectivity transformations. Other factors such as high number of applications being developed requiring low latency in connection have resulted in high adoption of 5G services in developing economies.
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 107.0 billion |
| Market size value in 2027 | USD 331.1 billion |
| Growth rate | CAGR of 25.3% |
| Market size available for years | 2018–2027 |
| Base year considered | 2022 |
| Forecast period | 2022–2027 |
| Forecast units | Value (USD) Million/Billion |
| Segments Covered | Communication type, end user, enterprise, application, and region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Companies Covered | Some of the significant 5G Services Market vendors are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK) and many more. |
The increasing mobile network data traffic, the growing need to transform the mobile broadband experience, development of smart infrastructures and timely availability of 5G compatible devices from several vendors are the key factors driving the global 5G services market growth. High costs required for the deployment of 5G network may limit the market growth. There are significant growth opportunities for 5G services vendors.
The growing demand for high reliability and low latency networks, unleashing massive IoT ecosystem and critical communications services are factors presenting opportunities in the 5G services market. Delay in spectrum harmonization across geographies and security concerns regarding 5G may pose a challenge to market growth. The enterprises segment has a key role to play in the 5G services market and is expected to grow at a higher CAGR during the forecast period. By expanding the scope of wireless technologies and making devices more autonomous, 5G will be more inclusive, progressive, proven, and powerful than any previous generation of communications technology. There are a number of industries with particularly intense dynamics and business opportunities around 5G, such as telecommunications, media and entertainment, manufacturing, transportation, and public services. Each of these sectors has specific business issues linked to 5G
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By communication type, the Enhanced Mobile Broadband (EMBB) segment is expected to hold a larger market size during the forecast period. Enhanced Mobile Broadband (EMBB) provides faster data rates across wide coverage areas to improve various functions, including ultra-HD video streaming. To enable an early roll out of eMBB services, 3GPP’s RAN group has committed to finalize a Non-Standalone (NSA) 5G New Radio (NR) variant.
The countries in APAC have high investments done by the governments in 5G services. The high population of the countries in the region have also resulted in higher number of subscribers for 5G, thereby resulting in a higher Average Revenue Per User (ARPU) for 5G service providers. Countries such as China, South Korea, Australia and Japan have high technological growth. The presence of developed technological infrastructure is also one of the key reasons for the adoption of 5G services across all industry verticals.
The network market in APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility.
Top Trends in Global 5G Services Market
The global 5G Services Market is growing rapidly, and there are a number of key trends that are driving this growth. Some of the top trends in the global 5G Services Market include:
- Expanded 5G Network Coverage: To reach more cities and areas around the world, network operators and telecommunications corporations have been ferociously extending their 5G network coverage. To meet growing consumer and industry expectations, the emphasis has been on ensuring that 5G services are widely accessible.
- Standalone (SA) 5G Network Deployment: Despite the fact that the first 5G deployments were based on Non-Standalone (NSA) architecture, there has been a trend in favour of Standalone (SA) 5G networks. With higher performance, reduced latency, and increased network efficiency, SA 5G enables independent and full utilisation of 5G capabilities.
- Integration of 5G and Edge Computing: 5G and edge computing have become increasingly popular together. Edge computing improves the overall performance of 5G applications and services by reducing data transmission delays by processing data closer to the source.
- Internet of Things (IoT) Connectivity: 5G is a key enabler for IoT applications thanks to its high-speed, low-latency capabilities. The need for 5G services in numerous industries is being driven by the proliferation of connected devices and the expanding usage of Industrial IoT (IIoT) solutions.
- Private 5G Networks: To satisfy their unique needs, improve security, and guarantee better control over network resources, businesses and industries, notably those in the manufacturing, logistics, and healthcare sectors, are looking into the deployment of private 5G networks.
- 5G in the Cloud: Cloud service providers have begun incorporating 5G capabilities into their infrastructure, enabling companies to use cloud-based 5G services for improved flexibility, scalability, and affordability.
- 5G in Entertainment and Media: To provide customers with immersive experiences like augmented reality (AR), virtual reality (VR), and ultra-high definition streaming, the media and entertainment sector is leveraging 5G.
- Governments and urban planners are investigating how 5G could be used to create smart city programmes that will improve public services, transit, and infrastructure management.
- Adoption of 5G Services by Enterprises: Businesses are embracing 5G services to enhance connection for remote work, enabling real-time collaboration, and support cutting-edge innovations like augmented reality (AR) and virtual reality (VR).
- Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2X) communications are supported by 5G-enabled autonomous vehicles, and the automotive industry is using this technology to enable connected and autonomous automobiles.
- Partnerships and Collaborations: Businesses in the 5G ecosystem are forging strategic partnerships and collaborations to speed up the deployment of 5G, improve network performance, and foster innovation in 5G-enabled services and applications.
- Spectrum Allocution and Regulatory promote: Governments throughout the world are taking steps to promote the deployment of 5G by allotting required spectrum and lowering regulatory hurdles, promoting the expansion of the 5G services market.
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Key Industry Development
The 5G Services Market is constantly evolving, with new technologies and solutions emerging all the time. Here are some of the key industry developments that are shaping the market:
- Major telecommunications firms and network operators have been aggressively deploying and growing their 5G networks to reach additional cities and regions globally. For greater coverage and better services, this comprises both Non-Standalone (NSA) and Standalone (SA) 5G deployments.
- Smartphones with 5G capabilities are becoming more widely available and more reasonably priced, which has sped up consumer acceptance of 5G services. In order to entice customers to switch to 5G-compatible handsets, smartphone manufacturers are integrating 5G capabilities across a range of pricing points.
- Enterprise-focused 5G services: Businesses are using 5G services more and more to improve operations and enable cutting-edge technologies like edge computing, AR, VR, and IoT. More specialised 5G solutions for commercial use cases have resulted from this.
- Private 5G Networks: Private 5G networks are gaining popularity, especially in sectors with specialised connectivity needs and security concerns. Private networks give businesses and industries private, secure, low-latency connectivity so they can independently administer and manage their networks.
- Real-time data communication, predictive maintenance, and improved automation are now possible in industrial settings thanks to the integration of 5G with Industrial IoT (IIoT). Industry efficiency, productivity, and cost reductions are being fueled by this progress.
- Integration of 5G with Cloud Computing: By incorporating 5G capabilities into their cloud infrastructure, cloud service providers are enabling businesses to install and operate 5G services in a more adaptable and scalable way.
- Private 5G networks are becoming more and more popular, particularly in industries with specialised connectivity requirements and security concerns. Businesses and industries can autonomously govern and maintain their networks thanks to private networks, which provide them with private, secure, low-latency communication
- Thanks to the combination of 5G with Industrial IoT (IIoT), real-time data exchange, predictive maintenance, and increased automation are now achievable in industrial settings. This development is fueling improvements in industry productivity, efficiency, and cost-cutting.
- Integration of 5G with Cloud Computing: Cloud service providers are helping enterprises to install and operate 5G services in a more flexible and scalable manner by integrating 5G capabilities into their cloud infrastructure.
- Focus on Network Security: With the expansion of 5G services, network security is receiving more attention in order to address potential vulnerabilities and cyber threats. Businesses are spending money on safeguarding their 5G networks and putting in place reliable security measures.
- 5G testbeds and trials are being conducted in a number of nations to examine new use cases and gauge how well 5G networks perform in practical situations. These tests aid in the creation of 5G services that are more sophisticated.
- Industry organisations and governments are trying to create 5G standards and rules in order to guarantee interoperability, spectrum allocation, and a successful rollout of 5G networks around the world.
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